Feds require BMO to tighten procedures

The U.S. Federal Reserve and Bank of Montreal, which operates in Wisconsin as BMO Financial, have entered into an agreement for the bank to strengthen its Bank Secrecy Act/Anti-Money Laundering (BSA/AML) procedures.

In an order released Friday, the Federal Reserve said an inspection at BMO's Chicago Branch disclosed deficiencies in the branch's risk management and compliance with BSA/AML requirements.

The agreement calls for the bank to strengthen its procedures, improve training and make regular reports on its progress.

The Federal Reserve last year required Associated Banc-Corp of Ashwaubenon to improve its Bank Secrecy Act procedures as well.

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Feds require BMO to tighten procedures

The U.S. Federal Reserve and Bank of Montreal, which operates in Wisconsin as BMO Financial, have entered into an agreement for the bank to strengthen its Bank Secrecy Act/Anti-Money Laundering

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